The business behind the dividend
| Measure | URI | Median | Formula |
|---|---|---|---|
| Return on equity | 27.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 16.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.64bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $622.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 67.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.77x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 5.65x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.94x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.08x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 27.8% | 29.9% | 29.8% | 29.8% | 23.1% | 19.6% | 30.7% | 32.2% | 43.3% | 34.3% | 29.8% |
| Return on capital employed | 16.0% | 17.5% | 18.1% | 17.3% | 13.7% | 12.0% | 13.2% | 12.1% | 11.3% | 14.0% | 13.7% |
| Operating margin | — | — | — | — | — | 90.3% | — | 24.2% | 22.7% | 24.6% | 24.6% |
| Net margin | 67.5% | 71.8% | 71.4% | 84.2% | 61.4% | 44.6% | 56.9% | 13.6% | 20.3% | 9.8% | 56.9% |
| Debt to equity | 1.77x | 1.70x | 1.60x | 1.64x | 1.78x | 2.30x | 3.27x | 3.74x | 3.30x | 5.12x | 1.78x |
| Current ratio | 0.94x | 0.98x | 0.81x | 1.11x | 0.83x | 1.07x | 0.84x | 0.83x | 1.06x | 1.15x | 0.94x |
| Cash conversion | 2.08x | 1.77x | 1.94x | 2.11x | 2.66x | 2.99x | 2.58x | 2.60x | 1.64x | 3.43x | 2.11x |
How it compares in consumer discretionary
Among the 44 consumer discretionary companies here measured on free cash flow, United Rentals pays out less than 8 of them. The median for that group is 37.5%, against this company’s 74.6%.
Closest on free cash flow
- Home Depot (HD) 72.4%
- Target (TGT) 72.4%
- Restaurant Brands International Limited Partnership (QSP) 76.5%
- Restaurant Brands International (QSR) 76.5%
Same sector and same denominator, so the figures are comparable. All 48 in consumer discretionary →